From IIM-A roots to a $3B+ AI IPO, Fractal’s 25-year journey showcases bold vision, innovation, and global scale in enterprise tech.
In 2000, Srikanth Velamakanni and Pranay Agrawal—graduates of IIM Ahmedabad—launched Fractal with a bold vision: to transform decision-making through advanced analytics. Starting with BFSI and consumer goods clients, the startup relied on regression models, statistical analysis, and segmentation to predict business outcomes.
Fractal’s first decade was defined by steady growth and global reach. Key acquisitions—Mobius Innovations and ImagNA (2015), plus 4i Inc and Final Mile—supercharged its capabilities in behavioral science, strategic analytics, and design-led thinking, giving it an edge in solving complex business problems.
By 2014, AI’s disruptive potential was impossible to ignore. Fractal went all in—integrating machine learning, computer vision, and cognitive automation across its solutions. This AI-first shift positioned it to ride the generative AI wave years before it hit the mainstream.
Fractal is now a force in generative AI. Its product lineup includes:
Celebrating its silver jubilee in February 2025, Fractal credited its growth to its “Fractaloids” and the cultural ethos of “once a Fractalite, always a Fractalite.” From a two-person startup to a multinational AI leader, its journey reflects two and a half decades of innovation and execution.
Fractal’s pre-IPO momentum got a lift with a $170–172 million secondary share sale that valued the company at $2.44 billion. The deal saw early backers, including Apax Partners, partially cash out, with no fresh capital raised.
Fractal is preparing to file its DRHP for a high-profile listing on Indian bourses. Investment banks Morgan Stanley, Kotak Securities, and Axis Securities are leading the process. The offering is expected to raise $400–500 million and could push the valuation above $3 billion.
Over its lifetime, Fractal has raised more than $855 million from global investors like TPG, Apax Partners, and Khazanah Nasional. These funds have fueled acquisitions, product launches, and an aggressive push into AI-first solutions.
Fractal’s transformation—from analytics SaaS provider to AI-first unicorn—mirrors the evolution of the enterprise tech landscape. Its listing will be one of the largest AI-focused IPOs in India, setting a benchmark for how deep-tech startups can scale globally and attract serious investor interest.
I am an entrepreneur, marketer, and mentor with a certification in entrepreneurship from IIT Delhi, one of the most prestigious institutions in India. I have a passion for connecting businesses with their ideal customers, solving real-world problems, and inspiring the next generation of founders.I founded and lead DevoByte, a digital marketing agency that provides a range of services, from SEO a
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